Borrower Assistant Representative I

First Commonwealth Bank; Canton (OH); Hybrid; USD 35,000 - 52,000; Full time

Benefits offered by this job

Telecommuting possible

Job summary

First Commonwealth Bank is seeking a Borrower Assistant Representative in its Special Assets Department to engage with borrowers and propose compliant recovery options. You will document actions and maintain records in the Collection System while supporting debt resolution and minimizing loan loss.

Responsibilities include locating delinquent borrowers, contacting by phone or letter, evaluating financial strength, and applying payments to principal, interest, and fees while adhering to the Fair

Qualifications

• High School diploma required.
• At least 1 year related experience.
• Strong communication and interpersonal skills.
• Familiarity with collection laws and FDCPA advised.

Responsibilities

• Support collection and recovery on past-due loans and credit lines.
• Contact delinquent borrowers by phone or letter to secure payments.
• Enter detailed notes and codes in the Collection System for all actions.
• Evaluate clients' financial strength to plan repayment strategies.
• Work to minimize loan loss and suggest compliant recovery options.

Skills

Communication

Interpersonal

Computer skills

Analytical skills

Education

High School diploma

Job description

The Special Assets Department is a vital part of the Bank’s daily operations. As a Borrower Assistant Representative, you will engage with borrowers to work towards a resolution of debt repayment. Use a consultative approach to offer alternate courses of action and/or methods of recovery acceptable under terms of loan contracts. Perform assignments and special projects necessary to support the collection and recovery efforts on past-due accounts. Initiate contact with clients via telephone, letter, and other forms of communication as needed. Must take detail notes and enter system codes in the Collection System of all actions taken.

Essential Job Responsibilities

• Performs tasks necessary to support the collection and recovery efforts on past-due consumer loans, Direct Installment Loans, Indirect Installment, Charge Cards, Mortgages, HEL, and Personal Credit Lines accounts.
• Uses Collection System to determine priority of assigned delinquent loans and works to maintain a satisfactory percentage of past-due accounts.
• Locates and contacts delinquent borrowers in order to secure payments and bring accounts to current status; tactfully probes for information leading to the location of the client and collateral, if appropriate.
• Initiates contact with clients via telephone, letter, and other forms of communication as needed and enters detailed notes and system codes in the Collection System of all actions taken.
• Establishes and maintains records relating to delinquent loan accounts and updates files to indicate the date(s) payment(s) received.
• Evaluates clients’ financial strength and capacity to repay outstanding debt.
• Works with borrowers toward resolution, offers alternate courses of action and/or uses methods of recovery acceptable under terms of loan contracts.
• Reviews bank records and transactions to resolve misapplied payments, researches to ensure payments are properly credited, evaluates regular and irregular payments to determine how to apply, i.e., principal, interest, escrow, and/or late fees.
• Contributes to the bank’s growth and client satisfaction by helping clients resolve problems with their banking transactions.
• Informs clients of amount due, disposition of assets, and any further obligation.
• Works with Department Manager prior to charge-off, making specific recommendations, in order to develop a plan to minimize loan loss, which could include reduced future payments.
• Acquires and maintains knowledge of regulations affecting the recovery function, such as Fair Debt Collection Practices Act, as well as bank products and their benefits.

Bona Fide Occupational Qualifications

• High School diploma or equivalent required.
• A minimum of one (1) year related experience required.
• Strong communication, interpersonal, computer, analytical, and mathematical skills required.
• Must acquire and maintain knowledge of current resource recovery laws and regulations, such as Fair Debt Collection Practices Act.
• Ability to wear hands-free telephone headset.
• May be eligible for Telecommuting.